Slot revenue at New Mexico's horse racing tracks has consistently declined over the past two years, reports usnews.com. In the 2015 fiscal year slot revenue was $265 million, it dropped to $241 million last year, and in the 2017 fiscal year the slot revenue declined to $226 million.
The New Mexico State Lottery has been following a similar pattern of decline, reported State Sen. John Arthur Smith, “indicating that the state gambling industry has matured.”
One posited cause is a decline in the state's energy industry, resulting in job loss. Economists expect the declines to continue for the next five years.
With less slots revenue coming into horse racing's purse funds, reductions in race dates have kept New Mexico's purses at “competitive” levels, according to Patrick Bingham, executive director of the New Mexico Horsemen's Association.
Read more at usnews.com.
New to the Paulick Report? Click here to sign up for our daily email newsletter to keep up on this and other stories happening in the Thoroughbred industry.
Copyright © 2020 Paulick Report.